Emory felt owning Goldman Sachs at the $200 level made sense as it was a psychological support level.

Following its earnings report, Emory said that the company had performed well across all units with both revenue and income up.

Emory was not “particularly excited” about the stock, however, as he looked at the company’s ROE and felt the company would not return to its 2006-07 ROE levels as it had de-leveraged over recent years.

The stock did make sense in Emory’s view for long-term investors even though he was not excited about owning it.